issuance, but we will see an impact about 130 after europe closes on those days. that will add to the volatility. >> thank you, sir. ben willis joining us to close out another crazy, wacky week on wall street. stay tuned for hour number two. all kinds of data to get you set up for next week. yes, dolph lundgren on the second hour of the "closing bell." have a good weekend. and it is 4:00 on wlst, do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. stocks soaring on wall street, ending what has been a wild week for the market. take a look at how we're settling out on the day, on the street, for the dow jones industrial average recording the second best day of the year today. up 206 points on the dow jones industrial average, 1.33%. volume just okay, not great, and that was one of the big things that the skeptics brought up today, of course, on the heels of what has been a wild week. just wednesday, down 200.

nasdaq composite of 5.5%. naz dick finishing on top tonight. s&p 500, up 1.25% at 1643 on the standard & poor's, with the dow closing up better than 200 points. the dow and the s&p 500 snapping a two-week losing streak. the dow posting the second best day of the year. bob pisani, pretty good ending to what was a wild week today. >> we're essentially closing at the highs of the day. what a head-spinning day and a half. put up the dow for the at last two days. maria, we have moved 400, i think 403 points from the bottom yesterday. that was in the middle of the day. 400 points in a day and a half. that's impressive, by any standards. let's move on. it shows you a little bit about what the comment was. of course, it was about the jobs report. one trader, i think, had the right comment about it. he said it wasn't a feel-good report, but it was a feel-right number. and that was just good enough. people felt that the economy was

improving, but not too much. slowly improving, was the key here. and that the fed was now likely comfortable with the qe policy they're pushing, which is slowly moving toward tapering, exactly when that will happen, of course, still a matter of debate. take a look at the sectors today. a little different than the rest of the week. these are the risk-on trades. industrials, consumer discretionary, financials, and energy. this is very different than it was earlier in the week, when we saw much more defensive stocks moving forward. and indeed, they're the ones that really did the most. telecom, huh? yeah, consumer staples, health care, utilities, all the leaders on the week. i put up reits as an interest rate sensitive sector. they've done better in the last day and a half, but still to the downside. how about what else happened today? how about those declines in the bonds. no turnaround there. there's the big kahuna in the etf space for bonds. this is the total bond index, agg moving down again. that's down about 4%. that's a lot. a lot of money came out of bond funds this week. about $9 billion according to

lipper. that too down about 4% in the last month. a lot of people talking about it. still not big rotation out of bonds into stocks, but we're starting to see some money come out of that. how about for the week? hey, you want to talk about a rally in the united states. rook at this compared to how we did for the rest of the world, maria. s&p up on the week, but germany, brazil, and notably japan all to the downside. maria, have a good weekend. >> and to you, bob. thanks so much, bob pisani. despite the wild week we had, stocks managing to close in the green, and big time. stephanie lake from the street, bill richardson, and our own rick santelli. let's kick it off with you, stephanie. how did this rally feel to you? >> it's a big sigh of relief, actually. i think today's number was really significant because what it did was it showed that we're not kind of spiraling downward in the economy. we're kind of growing on a 2%, 1.5, 2% level. and earlier in the week, we had some pretty troubles data with the trade data, the ism, and

last week we had disappointing gdp revisions and all that. so today the numbers shows things are getting a little bit better on the job front. there's still a lot we have to get through. we need to be doing a lot better than 175,000 jobs per month on average. this is what we've been doing over the last couple of quarters. so, but i think, at least it shows that we're kind of stabilizing here at this 2% level. and that all of this qe and all of this fed policy and all this global policy will lead to better second half of the year growth or 2014, and that's why you're seeing the cyclicals outperform. >> what do you think, rich? what are you expecting the rest of the year, in terms of the economic backdrop? >> well, first, i want to give kudos to the nyse for pricing the first chinese ipo this year, this week, on the visit of chinese president xi chengping.

and we were down on the last day of may, very strongly today. obviously, we see improvement in employment, improvement in hours worked. improvement in wages, albeit modestly. so those are giving some kernels to the fact that we think tapers is out there, but we're of the opinion that global market intelligence, that we would not see that until maybe early 2014. so that's going to give, you know, still grounds for improvement in earnings, and we're thinking earnings are going to be 3.4% in the second quarter over 6% in the third quarter, we're seeing m&a activity, robust, reporting some numbers. we looked at it from our database. this is going to be one of the best year for m&a in new york city. something on the order of over $60 billion in deals for new york-based companies. >> a nice story for new york, but is it a story that tells you that the deal flow is back? i think not. with rates where they are, wouldn't you have expected a lot more deal flow? >> in aggregate, we're seeing a 40% gain year over year in terms of dollar amount of deals. the one yellow flag we're seeing

is in the middle market. if you look at numbers year over year, deals between $5 million to $1 billion, the deal count is actually off a little bit. the dollar amount is off a little bit. that may have been a function of the fourth quarter of 2012. we are concerned about tax policies. >> all right, bill stone, let me get you in here. the market's up 207 points. we know the week we've had, we know what's been going on in terms of the tapering talk. would you commit new capital to this market right here? >> i would, because i think we say, hey, the long-term is still continuing to look better, and i think even the numbers today kind of put it in perspective. you know, you got good numbers. i think that's why the market liked it. and part of it was, well, maybe you didn't get too good of a number to think that the tapering would come in. frankly, we would have been happy with too good of a number, we would of. because we think good news is good news and we're thinking longer term. i think it's still a good place to be. >> well, the numbers today, do

you also sense an issue with the quality of the numbers? do you think this market rallied on the growth in jobs or did this market rally on the idea that, look, we're still in an anemic place, it's slow going, and the fed is not going anywhere anytime soon. >> you know, i think it was, in essence, this kind of like goldilocks kind of number, where it was good enough that you say, hey, things aren't falling off the cliff. but on the other side, it's not strong enough to say that the fed is going to taper off until, probably, the end of the year, and still that depends on what the data comes in, in the interim. i think it was that matter of right in the middle. >> and rick santelli, you look at this as goldilocks, not necessarily for the economy, but goldilocks for the market? >> yeah, you know, listen, steve liesman said it best. yes, he did. he said, the thing that surprised me most today was that the stock market took off. so let's rephrase that. if right now the stock market was up 10, i don't think anybody would be surprised. that bugs me, because, really,

it is isn't about necessarily the number. stephanie said, you know, we had some soft numbers, but, you know, now we're up 208. well, those numbers are still soft, just three or four days old, but they're still soft. i think the inflection point over the next week or so is going to be when interest rates go proactive again. in other words, we've already seen very close to 2.25%. so that has already been mowed. that lawn's mowed. if we start to get up there again next week and we're getting closer and we start to get above 2.25%, my prediction is the stock market will take notice. >> what's your take, rick, on if events of next week. we've got three auctions next week, right? what are your expectations? >> you know, i think that the long-end auctions are probably going to be the beneficiary of higher rates. they are reopening, so maybe that mitigates it a bit. but, yes, we need to pay attention to auctions, because we vacillate from who wants to get in this market when everybody's so negative. the other side of that is, hey, you're getting about 35 or 40 basis points more than you did in previous auctions, so it

would be important to see which way investors go. and it's also going to be important to monitor the mortgage market. because i think the taper is going to be more in tune with the mortgage arena. >> stephanie link, what are you buying here? >> well, we're leaning towards the cyclical stocks. we have been for a while. so, technology, financials, industrials certainly are interesting. i wouldn't count out the defensives. all of a sudden everybody hates the defensive stocks and the staples and utilities and some of the telecom names. i think if those stocks continue to pull back, i mean, you could get a chance to buy coca-cola, phillip morris international, procter & gamble, these are companies that are great franchises with great market share and good balance sheets. so i would be looking at those, if they continue to pull back. again, you want to tilt towards cyclicals, but you always want to have some sort of a balance. and your opportunity might come in those sectors. >> we keep talking about the cyclicals. >> and one of your guest talked about the 5% pullback, it already happened.

in late may, we broke under 600. there's your 5% pullback. >> so you think the correction has come and gone? >> it's gone. >> thank you, everybody. the national security agency's data collection revelations lately have many people thinking that orwell's revelations in '84 are becoming relevant in 2013. and we've got a business owner who says he wants to hire, but he can't find the workers he needs. they don't have the skill sets. and get ready, dolph lundgren in the house, making his way to the new york stock exchange. he has a new reality show. plus, did you know he has a degree in chemical engineering? he was offered a full ride scholarship to attend m.i.t. wait until you hear the other surprising things discovered about him. it's all coming up on "closing bell," back in a moment. ation... before reminding ourselves that some bonds are more valuable than others...

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welcome back. jobs data out today. markets seemed to like the number they saw. the u.s. added 175,000 new jobs in the month of may. so is the economy getting back on track? we bring in christina romer.

miss romer, grade to have you back on the program. >> great to be with you. >> what's your initial reaction to this report? >> you know, i think it kind of defines the word "solid." it's certainly fine. 175,000 jobs is, you know, okay. i was pretty pleased with the household survey that came in at, you know, over 300,000 jobs. i'm always reassured when those two numbers go in the same direction. so it's not nearly as strong as we need, but it certainly is a sign that the u.s. economy is continuing to grow. >> but do you think that the economic recovery is self-sustaining at this point? i mean, can the fed start cutting back on the stimulus at this point in your view? >> i really think it would be a mistake. i think if you look at the big picture, you know, today's numbers, again, solid, but employment is still some 2.5 million below what it was at the peak. and we know the unemployment rate is still very much above normal. and let's remember inflation. it's below the fed's target, and the anything, it's tafalling.

this is an economy that still needs the help that monetary policy can provide. so, no, i don't think it's time for them to be tapering or dialing back at all. >> i don't know if you saw alan greenspan earlier on our air, it was fantastic, he was talking about the fed and about interest rates, he warned that we are now at risk at not being able to control interest rates. listen to what he said, and i'll get your reaction to it, christina. >> okay. >> my concern is that bond prices have got to fall. long-term rates have got to rise. and the problem, which is going to confront, is we haven't a clue as to how rapidly that's going to happen. and i think we must be prepared for a much more rapid rise than is now contemplated in the general economic outlook with all the people with whom i talk. >> do you agree with that? >> um, no. you know, i think none of us have a crystal ball, so obviously we don't know what's going to happen to bond prices.

you know, i tend to think that markets are pretty rationale, and everyone knows that certainly short-term rates are eventually going to have to go up. that should have been priced into bonds. so the idea that suddenly, you know, when the fed starts to taper or when they start to raise the funds rate, that we're going to have a crash in the bond market. i don't see why that should happen. i think it should have been priced in. i think for chairman greenspan to be right, you need a lot of irrationality. you sort of need the market to wake up and go, oh, my goodness, you mean rates weren't going to stay low forever? i think everybody knows that. >> you've got to believe and know at some point rates are going to be higher. we're going to be looking back and saying, wow, remember when we could have borrowed at 1% or gotten a mortgage at 3%? but is there a risk that that move continues and happens quicker than we expect? for example, you know, just 2.1% on the ten-year, right, that's caused some real disruption in this market the last couple of weeks. >> so, yes, you know,

inherently, when you're in somewhat uncharted territory, you can get, you know, bigger than expected movements. there's going to be some volatility. so, you know, again, none of us knows what can happen. but that is certainly a risk. but i think the other thing you have to, you know, the other thing i noticed when chairman greenspan was talking was a lot of, you know, the safer thing to do would be to just stop this program right now. and that just strikes me as silly. that, you know, there's a reason we're having this program, you know, we didn't even talk about the fiscal contraction. but in a world where the federal government is dialing back, you need monetary policy to be trying to support the economy. >> oh, please, he's the only game in town, bernanke and company. so what kind of fiscal policy would you like to see? what do we need at this point to, you know, move the needle in terms of economic growth? >> oh, you know, what we need is smart fiscal policy. and it's not hard, right? so what you need is a long-term plan that, you know, deals with

the main drivers of the deficit, like entitlement spending -- >> how come we don't that have? i mean, this is, i think at this point, even people who are not knee-deep in this, like you and me and our viewers, they get it. they know these programs have to be reformed. how come we don't have a long-term plan? what do you think? >> i have no idea. it feels like you could put a republican economist and a democratic economist together in a room, we'd have a plan in two hours. i mean, i think there's that much agreement among the experts that it is, you know, it's hard to imagine. i think the big picture is, it's what we're doing now is exactly wrong, right? the sequester is just bad cuts to government spending, too fast, too soon, replace it with something much smarter. that deals with the long-term problem. >> all right, so we all know, the other uncertainty out there, federal reserve chairman bernanke's term is up in january 2014. you want the job, christina? >> i think there are lots of great candidates out there.

i certainly have talked, you know, a lot of people are talking about janet yellin. i think she's done a fabulous job as vice chair. i think she's an incredibly smart woman, and i think it would be wonderful to see a woman in that job. >> that's why i'm asking you. you going to put your hat in the ring or what? >> i'm very happy back here at berkeley. good to see you, christina, and thanks very much for joining us. >> nice to see you too. >> christina romer joining us once again ton economy. you know when people say credit cards can get you into trouble? sure, they didn't know the government might have a hand in it, did they? in the wake of the news that the government is tracking your cell phone, tracking your e-mail, this comes word that they're also following your credit card transactions. yeah, credit card transactions as well. we'll discuss big brother and the pearils of big data next. talk about bad timing, as president obama kicks off a two-day summit with chinese's president, guess what's on the

agenda, chinese snooping. back in a moment. stay with "closing bell." ♪ fly me to the moon ♪ let me play among the stars ♪ and let me see what spring is like ♪ ♪ on jupiter and mars ♪ in other words [ male announcer ] the classic is back. ♪ i love [ male announcer ] the all-new chevrolet impala. chevrolet. find new roads. ♪ you a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades whou open an account.

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to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. i. welcome back. president obama going on the defensive earlier today, and government's access to your phone records, your e-mail, your web surfing, and your credit card transactions. eamon javers has been covering this explosive story all day. over to you, eamon. >> well, one day after massive revelations of two highly-classified nsa programs, the president, as you say, talked about it today in an appearance in california, where

we took a question from a reporter and allowed him to defend the program and say that he welcomes the debate nationally, that this program and the leaks therein have started, but he also said he didn't like the leak process. this is how the president defended these programs earlier today. >> i think it's important to recognize that you can't have 100% security and then also have 100% privacy and zero inconvenience. ion, we're going to have to make some choices, as a society. >> the president there saying that at bottom, this program has been worth it in terms of the spying and the intelligence that has resulted from the spying, but the president taking a very different tone here, maria, from the director of national intelligence, james clapper. take a look at this statement that clapper put out last night, and you get a sense of the degree of tone difference.

clapper saying the unauthorized disclosure is reprehensible and risks important protections for the security of americans. that's james clapper, the director of national intelligence there. so, maria, the president here sort of taking the high road, saying he welcomes a debate, even though he didn't welcome the leaks in question. and obviously, there's a lot more here to be learned, including who it was who leaked this, we'll find that out in coming days and also whether there are anymore revelations to come. >> pretty extraordinary stuff. while most americans applaud the government combatting terrorism, the fear for some is the potential of using information of innocent american citizens inappropriately. joining me now so talk about that, former fbi agent and nbc analyst, cliff van zandt, look with peter swier, former chief counsel on privacy to the clinton administration. good to see you both. peter, you have some concerns. kick us off here. explain them. >> well, first of all, this is a

shocking expansion beyond what we thought. when the wiretaps in the 2005/2006 range were so problematic and we found out about them, congress went and passed a law. the law was the idea that we would collect the information if at least one side was a foreign or foreign agent. this is american and american communications being collected. we didn't know about it until this week, it's a big change. >> big change. cliff, your take? >> well, who would have guessed? anything you put up on a telephone, on a credit card, anything else, it's free game. you know, the national security agency, also known as no-such agency, they have been doing things like this for years. but let us stop us right now. if we think we're giving up personal information, look at facebook, look at twitter, look at linkedin. obviously, americans give up far more information about themselves than the government -- >> but the problem is the nsa had a very strict rule until the bush administration of u.s. persons were excluded. that's been stripped away and

now it's all u.s. person's phone calls are being collected. that's a huge change from history. it's against the spirit of the fourth amendment and we should be addressing it. >> okay, time out, but, again, we're not collecting -- the government's not collecting information on me, talking to my grandkids, making a plan to go to disney? >> it is. >> we're looking for potential terrorists who are talking back and forth. >> but they are. but that's the whole point of the story. >> that's the whole point of the story, though, they actually are. >> they are collecting that information. call your grandkids, the nsa's getting it, that's the new news this week. it's a big deal. >> they're not collecting the contents of the phone call. >> but let's look at this collectively. i mean, you've got the irs scandal, the nsa, you've got another agency getting the phone records from the ap reporters. are we looking at an abuse of power? >> well, this is a continuation of the bush -- >> and i think as americans, we have to look at that. >> right.

>> but this is clearly, according to the reports, started in 2007 under president bush. the obama people did not stand down on this, and now we can have a discussion that both parties see there's problems when the president goes too far and we can have a debate about it. >> cliff, you say they're not pursuing innocence, right? they're not listening to you and your grandmother, whatever. but what about the points that peter makes here, there's just too much room for abuse. >> oh, there's always going to be room for abuse. i think the president addressed that. look, i'm as much as a civil libertarian as anyone else is. i don't want the government listening in on my phone calls, but i want them to stop incidents like took place in boston. and if this will help them, even though we're sliding down that slippery slope, i'll give up a little bit of slope to save lives. >> but this is -- >> is that right? >> this is where the chilling effect on speech and the chilling effect on reporters doing their jobs comes in. it's been reported already that the leaks are being investigated, as though the problem here is the leaks and not the massive surveillance.

and we don't -- in a secret system, we don't have any way except leaks to find this out. we have a history of finding out problems, exposing it, having congress look at it. that's what's being done here. congress and other people investigating this. >> instead, they're investigating the leaks. that's a really important analysis. peter, where is the system of the checks and balances? is it really possible when it comes to programs like this? >> so there's the fisa court. those are regular article 3 lifetime judges, but the fisa court hasn't been given enough oversight ability to really make sure it's being done right. and i propose in writings things that could be done, where the judges could be more effective if there's proposals on electronic communications laws in congress about being more effective. and i think that you see republicans and democrats being concerned here, as a time to really look at these laws. >> but do you think the court has left the station here? cliff and peter, here we are in a new age. what can be done about this? >> well, right now, we've got the president, we've got people like dianne feinstein, we've got people like mike rogers. both sides of the aisle say we

have stopped terrorists, we have thwarted terrorist attacks. there's something of value here that we don't want to throw the baby out with the bath water. >> one of the problems in security is the surveillance is can become the security vulnerability. last week google reported that its law enforcement database was hacked by the chinese. that's the kind of hacking that now the nsa could be subject to or other government agencies. d.o.d.'s been hit, now they know there's a honey pot to be hit of all this information collected on americans. >> but what are they doing with this information? >> what they say is that they collect it all, and then if they later find out they need 0.1%, they look at the 0.1%. but it's the collection of all the domestic calls. that's what's new. we've never seen that. >> but how do we know they're doing what they say they're doing? >> we have a history under j. edgar hoover of problems with that, political witch hunts, and that's the word. >> all right, gentleman. good conversation. we'll keep following this.

this is obviously an incredibly important story for all americans. thank you, sirs. we appreciate it. we'll see you soon. meanwhile, will the nsa data collection controversy a bit ill-timed for president obama. tonight the president is impinge a summit with the chinese president and two leaders are expected to discuss chinese cybersnooping, high up on the agenda. john harwood following that over in california where this meeting the taking place. over to you, john? >> this summit with president obama and prime minister xi is getting close because the protesters are beginning to gather. a welcome change of topic for the administration from that surveillance. white house officials insist, though, they're still going to press ahead by confronting the chinese on cyberhacking. but the president's former ambassador to china, jon huntsman, also a former republican presidential candidate, says that businesses should be aware that government-to-government diplomacy can have only a limited impact and there's some things they have to do to protect themselves. >> they've got to talk openly

about the importance of the technology, when you're in a joint venture relationship. you've got to have a joint venture partner who understands that this is important to the long-term viability of the firm. and that for us, ideas, innovation, the creativity that goes into enterprise, this is the heart and soul of what makes our economy tick. and so long as that's put out on the table, and it is monitored and reviewed periodically, i think that's the best that u.s. business can do. >> reporter: meantime, this is a casual summit, intended to build a long-term relationship. the white house is not promising any major announcements out of this today, maria. >> all right, john, thanks so much. we'll keep watching the developments from california with you, john harwood. well, if it seems like houses are not being built as quickly these days, don't blame the home builders. even though unemployment is stuck well above 7%, home builders cannot find enough skilled workers to hire. coming up, i'll talk with a developer about that worker shortage, next. then, just six days after the official start of hurricane

season, tropical storm andrea barreling up the east coast here in new york. the worst is about to hit. we'll have a live report. and then -- >> i must break you. >> yes, remember that? "i must break you." "rocky iv" movie star dolph lundgren coming up. wait until you hear about the big splash he's hoping to make on the small screen. stick around, "closing bell" comes right back. [ male announcer ] ah... retirement. sit back, relax, pull out the paper and what? another article that says investors could lose tens of thousands of dollars

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welcome back. although the economy added 195,000 new jobs in the month of may, today's jobless report saw the rate creep up to 7.6%. our next guest says he has plenty of job openings, he wants to hire, but he cannot find the workers to fill those positions. michael fink of leewood, new jersey, is a home builder and developer in new jersey. sir, good to have you on the program. >> thanks. nice to be here. >> so why do you think this has happened? why is there a lack of qualified workers? >> i think where it's really coming in is in the skill trades, plumbers, carpeters, roofers, masons, that sort of thing. when you come out of a really deep recession like we've been in, the worst since the great depression, a lot of people leave. they get out of the business. if they're immigrant, they go

back to their countries, if they are americans, they may find other employment, just to keep bread on the table. and so now, as home building is beginning to pick up, there's stress on the system in terms of the number of skilled workers who are available. >> now, is the onus on the businesses, the private sector, to ensure that the skill sets are there, that the education and the constant learning of new technologies and new things, is the onus on the private sector to do that? >> well, i think the onus is really on people, to see opportunity and say, i want to get this education. and then the educational system has to look at that and say, let's start encouraging people, americans and others, to get into the trades and to learn the trades. and then the private sector will pick up the ball from there and they'll hire the people, particularly as like now, home building is picking up and we need workers. >> so how is the economy doing from your perspective?

how would you characterize things right no uh? >> i would characterize it as considerably and dramatically better since the great recession started in 2007/2008. and it's, of course, getting better and stronger and more robust. and we're finding, in many parts of the country, that people are coming out, they're buying homes, they're recognizing the tremendous value, because they're feeling more secure in their jobs, and they have jobs. >> and so, what are the kill sets that you're looking for right now? >> well, i think, we do most of our work through subcontractors, which is the way most builders in america do their work. so our subcontractors are looking for plumbers, they're looking for framing carpenters, they're looking for roofers, they're looking for masons and they're looking for bricklayers all over the country, wherever building has really begun to pick up. >> i see. mr. fink, good to have you on the program. thanks so much for talking about it with us. we appreciate your time.

>> my pleasure, maria. >> see you soon. batten down the hatches. find out how much tropical storm andrea is packing as she races up the eastern seaboard. we'll take you live from north carolina next to show you where that storm is head next. and speaking of punch, yeah, dolph lundgren hitting the new york stock exchange. find out which venture the hollywood movie star is about to break into. back in a flash with dolph. man: how did i get here? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you. at massmutual we're owned by our policyowners, and they matter most to us. ready to plan for your family's future? we'll help you get there. otherworldly things. but there are some things i've never seen before.

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welcome back. we want to give you the latest on the hurricane, but we are not going to do that right now, because look who is joining us. dolph lundgren here. good to see you. thank you so much for joining us. and of course, not every actor can thank the cold war for just propelling them to movie stardom. but when you portrayed big bad russian ivan drago, which we all know, what was the line, "i must break you." >> well, you were about 12 then. >> well, i watch youed. i watched you. you squared off against rocky, sylvester stallone's rocky, red white and blue, and really ensured your place in hollywood then. tell us about your new venture and why you're taking this on. >> well, it's a hosting gig, sort of like what you do. it's called "race to the scene," it's a competition show based on a bunch of big movies like "et," "terminator ii," "ironman," "spider-man," and these contestants have to replay all of these scenes from the movie and i'm the host. >> and who will you be

interviewing? talk to me about what kind of people you'll be hosting? >> these are regular people who signed up on the show to compete and try to win ten grand in half a day's work. >> excellent. >> it's kind of exciting, and it's also fun and comedic. you know, so something different for me. >> we're looking at some of the shots, it's pretty amazing, the strength and power of reality tv. and how well it's done. >> yeah, i don't watch much of it, but -- now i've got to watch it because i'm in it. >> let me ask you about your movies, the two expendables films worldwide have made nearly $600 million. what have those movies done for your career at this stage? >> well, i think it kind of brought me back to the big screen, you know. it's funny enough, we still own the first time and second time to do. came up with a cool character. and set my career, and it was a lot of phone number to play those roles. >> and when the expendables was released, you and stallone came down to the trading floor. and you were here at the new

york stock exchange. >> you weren't here. >> i wasn't up there when you came, but i was in our headquarters. you're right, i wasn't here when you came, but some people were thinking of you on the floor and your character as a killing machine. tell me the kind of reaction you got when you came down here. >> yeah, well, they didn't know i was a chemical engineer and all the other stuff. and they looked at me like, yeah, like sly and everybody else, just an action hero. so i know nothing about business. you've got to teach me something, but nobody else knows here, and somebody told me that. nobody else knows anything either. >> that's very good. >> you just said something, i didn't know i was a chemical engineer. >> uh, yeah, i don't think a lot of people -- that's something that people don't recognize about you. you went to m.i.t. on a full grant scholarship and you're a chemical engineer. >> yeah, yeah. i never worked as it, really, maybe just for half a year or so. >> why did you go toward that path and change it all and go toward the movie route? >> that's what my mom and dad said. what's wrong with you? you nuts or something?

no, i like d arts and i used to play the drums and paint as a kid and somebody got me into acting and modeling, and i went with it. and i did pretty good, i guess. >> and then in a later movie, you played a business haman? >> do i? >> well, a business -- >> i'm getting there, yeah. >> so you've got a lot of things on your plate. there was even talk about you going into politics in your native sweden, right? were you thinking about running for political office? >> they asked me if i wanted to run for office, but -- >> what office? government? >> no, no, no. not big government, no sweden, no, it was -- no, it was just a parliament job, you know, like a senator. but maybe when i get older, you know, i'm not making any movies, maybe i'll try that instead. >> so you do have an interesting? >> uh, maybe. maybe something else like, a summary of kind of hooking sweden and america together,

because that's kind of what i've done in my life. so some kind of representative job would be cool. like a consul -- >> consul general? >> yeah, that's cool. sounds good. zpr according to the website, celebrity net worth, your net worth is around $15 million. how do you invest your money. >> really? >> we never know if that stuff is true. you thought it was much higher, right? >> i did. i've got to call somebody. hey, get me a gun. call my business manager. >> they totally love you on the celebrity websites. but do you invest? >> real estate's good. real estate's good. you know, if you buy something you really like, and if you live in it, even better, that's a good way of investing money. >> so you invest in real estate? >> yeah, i have some properties, a little bit in spain and america too. >> all around the world? >> not rae. >> are there other asset classes, stocks? >> i used to buy stocks in 1999,

i got really smart and wanted to get in the stock market, so 2001, you know what happened, right? >> yeah, i do. >> so i stopped. >> we had a pretty big bust there. >> so you were dabbling in tech stocks. >> like everybody else. went down the tubes. >> ericsson, yeah. that's a blast from the past. what are your hopes on this new series? >> i think, you know, hopefully i'll entertain people and hopefully they'll see a different side of me. you know, that they don't get to see in the movies. when you say kill two words, "hey, kill somebody," "bring some regradgrenades over here," know, they'll see something different. it's challenging and rewarding to do kind of what you do, is to be yourself. >> exactly. but i'll tell you, you've got to capitalize on that, "hey, bring some more grenades over here." hey, it's worked for you, right? >> i do that too. >> more movies on the horizon? >> i think there'll be an "expendabled 3" later this year.

i think they'll bring on jackie chan, he's going to beat me up with a ladder. it's going to be wesley snipes and nicolas cage and i think mel gibson too. and then this tv series called "save me," where i save people, don't kill them. something new. >> when can we see the new series? >> it started last night. every thursday night on reelz. >> thank you so much, dolph. we'll take a short break and take a look at this market, what's up for next week. stay with us.

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welcome back. mother nature wasted no time. we've got jcpenney shares, as you can see, up on the session. we're going to tell you more about the hurricane season after this. but the struggling retail eer having a huge party attended by some boldfaced names in the home business. courtney reagan on the story. >> jcpenney's home shops are

getting positive reviews, though, there is concern about the higher price points of the new merchandise. last night at the retailer's housewarming event, the ceo told me, the reality is that sephora today is the most successful thing in the store. it's still not sold at sale prices. basically regular price merchandise and it's the only thing that grew last year and was profitable last year in the store. so, i think many of these home attractions will have the same effect. i asked him if he hopes the higher mar jib will improve the overall sales per square foot, which average $116, down sharply from its peak, $193.90 in 2006. he said, quote, of course. it's a big space commitment. it is expected to earn its way. marsha stewart, a woman sin no, ma'am mouse with home, had been a vocal supporter of ron johnson's transformation strategy, including the elimination of sales and coupons. now back at jcpenney. >> i joined because ron johnson was there with a new concept. i thought it was a very

appealing concept. now, it's changed and i have yet to see the success of it, so, we're looking forward to it. >> and stewart isn't the only one with many others waiting to see if jcpenney can bring it home. >> all right, court, thank you so much. so, with their new home goods section, is jcpenney a guy? we get into the action now with brian stutland. brian, would you buy jcpenney right here? >> it's an interesting trade at this point, maria. we've seen a tremendous rally in the corporate bond market. i was with you a few months ago talking about corporate bonds, they were a buy. since january, the corporate bonds have rallied 60%. that's a good thing for stock investors. that means that jcpenney is getting some of their debt under control here. and you've seen a tremendous amount of support in the stock, right around the 17 1/2 level, bouncing off there already this year. there was a tremendous washout volume below that level. so, this seems like technically a buy opportunity. now, can jcpenney trade higher than $20 a share?

that's going to depend on their home goods services. coming up with new lines that are high quality and low quality prigs prices. they need a high end sort of service behind them because that at least gets people in the stores. they need to get out and market that. they have a lot of debt on their books. they need to overcome that. that's going to be tough and sort of prohibit them from getting out an advertising about their new lines. we'll see if that can make it happen. i'd play a short trade, maria. >> do you see the company making a real recovery? >> well, you know, certainly, when you look at the targets of the world, some of these other low end retailers, they come up with high quality designers that come in there and set up a clothing line, whatever, that's a high quality design for people to come in and buy at a low price. that is what jcpenney needs. they are starting to see that. home goods could be something that starts to reinforms, regenerates the company here. we'll see if it happens. >> all right, we'll be watching. thank you so much. see you later. appreciate it. for more action, stay tuned for

"options action" at 5:30 and join brian after "fast money." well, mother nature wasted no time. just six days after the official beginning of hurricane season, tropical storm andrea roorps up the eastern seaboard. let's get the latest from jay gray. he is live right now in wrightsville, north carolina. jay, take it away. >> hey, maria. getting a little bit of sunshine here. overnight into the early morning hours, a driving rain along with fierce winds, at times gue s gu close to 50 miles an hour. is surf still cresting at eight feet. at the height of the storm, it was over ten feet it was an angry surf at times. very heavy. and there has been some problems with flooding, obviously, tornadoes, from florida through the outer banks here in carolina. and this is a storm that now is going to move up the east coast. it is going to continue well into saturday, probably spinning out somewhere near cape cod. it's just been downgraded a touch to posttropical storm andrea, now, still, though,

packing quite a punch and will continue to through the night and into tomorrow. tornadoes are a big problem, following the system, which is large in scale, may not be as powerful as a hurricane. but a massive system, as it moves up the east coast and, again, big issues with flooding, big issues with tornadoes and, of course, that driving rain that's causing problems. maria? back to you. >> unbelievable. jay, what a story, the weather has been. okay, jay gray, we'll be watching the developments, of course, on the weather channel. up next, today's employment report, what it really means for the economy, the markets and your life. back in a moment. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars.

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we can show you how at&t solutions can help you do what you do... even better. ♪ and finally today, my observation on the celebrating for today's jobs report. really? yesterday, i had hoped we were getting back to fundamentals, we would talk about the quality of the economic backdrop rather than the federal reserve stimulating the economy. turns out, can't have that conversation yet. first, let's look at the report today. 175,000 new jobs were created in the month of may. better than expected. at first glance, this seems very positive. but it's not the kind of number

we'd want to see in a full blown recovery. plus, the alternate measure of unemployment, which takes into account those people who are looking for work and are unable to find work, they can't find full time jobs or dropped out of the work force. that came in at a level of 13.8%, suggesting that the job growth in temp jobs was really where the growth was and more people are returning to look. so, temporary jobs are doing well. the unemployment rate as a result ticked up to 7.6%. the bottom line, we are still waiting for the vitality to return. for a true self-sustaining economic recovery to take place. economic growth is anemic and the job creation numbers should be much higher at this point in the cycle of the recovery. did the market rally on the growth in jobs or on the idea that things are still pretty tough? which means, the federal reserve will keep up the game of pumping $85 billion a month into the economy by buying bonds? perhaps my enthusiasm about looking at the economy based on real growth was premature.

we are still measuring success by what the fed does next. we'll keep watching. that does it for us tonight. the markets as you just saw, in rally mode today. we finished at the highs of the today, up 207 points. today, the second-best day of the year for the dow. have a fantastic weekend, everybody. see you on tuesday. that will do it for "the closing bell." stay with cnbc. "fast money" begins right now. live from the nasdaq market site in new york city's times square, i'm melissa lee. the trade earls tonight are tim seymour, steve grasso, dan nathan and guy adami. the ironclad rally, a goaldy locks jobs report. with economic data not so hot or cold, we ask, does the fed even matter anymore? guy? >> depends on which one you're talking about? yeah, i think our fed matters. i think what's going on in japan matters more than what's going on here. i don'th